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Image checks outnumber substitutes for first time
December 27, 2006
Digital Transactions: Checks cleared as electronic images outnumbered substitute checks for the first time in October, according to numbers compiled by the Electronic Check Clearing House Organization in Dallas. The ECCHO statistics, gathered from three primary settlement networks, also show healthy growth in overall image exchange, with volume reaching 403 million items, a 30-percent increase from September's total.But some large collecting banks have expressed frustration with what they see as slow adoption of image-clearing capability among financial institutions, forcing the collecting banks to print substitute checks or paper printouts of images to allow paying banks to settle the items. Substitute checks, also known as image-replacement documents, were authorized by the Check Clearing Act for the 21st Century.
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